ON Semiconductor Raises $1.3B Via Upsized Private Note Offering For Debt Repayment

Anusuya Lahiri

2023年2月24日下午12:45·1 分鐘文章

ON Semiconductor Corp (NASDAQ: ON) raised $1.3 billion via an upsized institutional offering of 0.50% convertible senior notes due 2029.
The offer price implied a 32.5% premium to onsemi's February 23, 2023, closing price of $78.39.
onsemi upsized the offering from the prior size of $1.1 billion.
The initial purchasers of the notes have 13 days to procure additional notes up to an additional $200 million.
onsemi planned to use offering proceeds with cash on hand to repay up to $1.09 billion of the existing debt, $148.6 million cost of the convertible note hedge transactions, and general corporate purposes.
onsemi may redeem the notes if the last reported sale price of onsemi's common stock has been at least 130% of the conversion price.
onsemi held $2.92 billion in cash and equivalents as of December 31.
onsemi held $3.05 billion in long-term debt as of December 31.
Price Action: ON shares traded lower by 2.88% at $76.14 on the last check Friday.